Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America remodeling market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1,013 billion by 2026.
Growing investments in regional construction sector with increasing expenditure on development of several residential and non-residential establishments by numerous public and private players is estimated to provide major impetus to North America market over forthcoming years.
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Considering the increasing demand for renovation and remodeling of building, various innovative solutions of building interiors are being introduced along with custom designs and enhanced aesthetics across commercial and residential spaces. This will support the market growth over the span of 2020 to 2026.
According to credible reports, North America remodeling market is anticipated to record a valuation of USD 1,013 billion by 2026 end, given the significance of following trends:
Remodeling activities across residential establishments
With growing inclination towards renovation of residential buildings in the region, incorporation of aesthetically appealing elements in residential interiors as well as exteriors has increased significantly. Ageing residential establishments in the region has evoked the need to revamp these by adding aesthetic values. In addition, the emerging trend of do-it-yourself procedures is fostering the business space further. Reportedly, residential segment across North America remodeling market had secured a sizeable share in 2019 and is expected to observe a robust CAGR of 4% through 2026.
Surging addition and alteration activities in residential interiors Growing addition & alteration activities in interiors particularly in kitchen and bath is gaining massive traction across North America. Considering which interior addition & alterations segment across residential segment of the industry had recorded the largest share in 2019 and is estimated to grow exponentially over time.
Presence of prominent remodeling companies in the U.S.
Considering the huge urban population in the U.S., the demand for home improvement and interior décor has increased enormously. This is evident from Harvard University statistics which depict that since 2010, home remodeling industry in the U.S. has grown to over 50% and had recorded a valuation of more than USD 400 billion in 2017. Besides, presence of key business players in the country has provided positive outlook to the industry. For the records, in 2019, remodeling market in the U.S. had dominated the overall industry by securing a substantial market share of more than 80%.
Shifting inclination towards energy efficient buildings
Energy-saving has nowadays become a key concern among urban population which has positively influenced the overall market across North America. Elaborating on the same, demand for energy efficient buildings in the region has encouraged remodeling of ageing buildings. In this regard, thermal insulation of roof, walls, roof and floors is widely seen in across residential and commercial construction sectors. Besides, several initiatives by government bodies to promote energy-saving and building energy-efficient establishments is complementing the industry landscape further.
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Strategic initiatives by major industry players
Prominent players operating in the industry such as, Power Home Remodeling Group, The Sherwin-Williams Company Pella Corporation, Owens Construction ROCKWOOL International, Dreamstyle Remodeling, Inc., Ferguson Enterprises, Dow Building Solutions, Kohler, Harvey Building Products, Neil Kelly Co, Henkel Construction, State-wide Remodeling, Steves and Sons, Andersen Corporation, The Home Depot JELD-WEN, and Builders FirstSource are focusing on implementing effective business strategies such as new product development, mergers and acquisitions, etc. to gain strong market presence. Such strategic moves by these players is providing positive growth prospects for the market.
Browse Related Report:
Europe Remodeling Market Size By End-use (Commercial [Retail space renovation, Office space renovation, Hotel remodeling, Snow removal, Restaurant renovation & remodeling], Residential [Exterior addition and alterations {Garden, Porch, and garage}, Interior addition & alterations {Bath, Kitchen, Other room}, Others {Disaster Repair, System & equipment, Property improvement}]) Industry Analysis Report, Country Outlook, Price Trends, Competitive Market Share, Growth Potential & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1638/europe-remodeling-market
Asia Pacific Remodeling Market Size By End-use (Commercial [Retail space renovation, Office space renovation, Hotel remodeling, Snow removal, Restaurant renovation & remodeling], Residential [Exterior addition and alterations {Garden, Porch, and garage}, Interior addition & alterations {Bath, Kitchen, Other room}, Others {Disaster Repair, System & equipment, Property improvement}]), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1674/asia-pacific-remodeling-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
